TCS, Wipro In Fray To Manage IRDAI’s Business Analytics Project
Insurance Regulatory and Development Authority said TCS, Larsen & Toubro InfoTech Ltd., Wipro and EIT Service India Private Ltd. (a DXC Technology company) have been shortlisted for the next round of bidding. The four companies had submitted their initial bids in response to an 'expression of interest' floated by the IRDAI in August.
L&T InfoTech has been providing BAP services on a BOT (Build, Operate and Transfer) model to IRDAI since 2011. The contract is expiring this month.
IRDAI said BAP was implemented for automation of registration and other connected activities for insurers, brokers, surveyors and third party administrators, as well as automation of product approvals, branch office opening and advertisements, among others.
In addition to providing the BAP services, the selected company will also be responsible for enhancing the services/functionality of the platform.
While inviting the expression of interest, IRDAI had said 'BAP 2.0' will be the next version of the project with additional business and administrative processes designed to provide a significantly enhanced experience to end-users through a major revamp of some of the current interfaces.
The regulator said the BAP system has been designed for effective supervision and regulation including compliance, monitoring trends of the insurance industry, risk based assessment of functioning of insurers, providing early warning signal and initiating corrective action.
As part of BAP, IRDAI had introduced the concept of e-filing, doing away with manual filing and paper based records in its departments.